{"F": {"ts_code": "688168.SH", "name": "安博通", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "横向通用软件", "ind": "软件开发", "fin_source": "tushare", "market": "科创板", "list_date": "20190906", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 37.55, "pe_ttm": null, "pb": 4.2027, "dv_ttm": null, "total_mv": 405761.545, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.5, 60.5, 56.0, 62.5, 66.0, 79.5], "rev_series": [2.6, 3.9, 4.6, 5.5, 7.4, 5.6], "np_series": [0.4, 0.7, -0.1, 0.1, -1.2, -1.5], "roe_series": [4.4, 6.8, -0.7, 1.0, -10.1, -14.6], "period": "20260630", "rev_ttm": 2.6, "np_ttm": -0.7, "ocf_ttm": -0.1, "fcf_ttm": -0.2, "fcf_yield": -0.4, "ocf_yield": -0.1, "gm_median": 62.5, "gm_std": 8.0, "gm_stab": 0.87, "gm_chg_2022": -7.5, "npm_median": -1.8, "roe_median": -0.7, "commodity": false, "hard_ratio": 27.5, "fix_assets": 3.8, "goodwill_ratio": 0.0, "pb_calc": 4.2, "capex_dep": 0.3, "interest_debt": 3.0, "debt_ebitda": null, "debt_ratio": 30.7, "debt_mv": 7.3, "payout": 33.3, "div_years": 2, "rev_cagr3": 6.8, "np_cagr3": null, "rev_yoy": -69.5, "np_yoy": 79.1, "np_vol": 473.5, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 92.2, "ret_prev2_year": 8.3, "ret_ytd": -30.1, "ret_pivot": 94.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": -31.7, "ret_120": -23.4, "ret_250": -40.5, "mdd_250": -60.8, "vol_250": 66.8, "pos_52w": 47.5}, "S": {"duration": 100, "pricing": 65, "hard": 44, "bondness": 28}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 31%,有息负债 3 亿,经营现金流/市值 -0.1%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 62.5%),硬资产占比 28%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.4%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 62.5%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -7.5 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 28%,资本开支/折旧 0.30 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -40%,最大回撤 -61%,年化波动 67%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 1% / -32% / -23%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "安博通:PE ;股息率 ;毛利率 比行业中位高 13.8个百分点;固定资产占比 比行业中位高 18.7个百分点。"]}}